Tantalus Systems Holding Inc. ($GRID)

Just to discuss the Q1 results that they recently put out and some recent news items, I would direct anyone that would like to have a more in earnings call replay, which is still available on the website. I think we've covered that quarter in great detail. So we're not going to have a repetitive session. But if you do have some questions, feel free to put them in the Q&A box. I think the format for the call will be Peter will just do a quick overview of the quarter of the recent news, which includes an analytics offering and new analytics offering. Maybe a bit of some feedback and review [indiscernible] Users Conference that happened last week, and then we can jump right into Q&A. So if you have any questions, feel free to put them in the Q&A box. I don't believe that we're going to work up a presentation, but we will discuss some forward-looking statements. So feel free to check those out on the presentation on the website, which was updated after the quarter. That out of the way, hi, Pete, how are you doing?

How are you?

Yes, good, good at the Canaccord conference. So still in Vegas.

Lucky you. Well, good morning, everybody, and thanks for allocating time to receive a further update on our business. I think, Deb, if I may, can give -- just give a quick summary of the quarterly results and more than happy to share some perspective on our users conference that unfolded last week in Las Vegas, which also included our Investor Day -- Investor and Analyst Day. To summarize our quarterly results in Q1, we set -- we're fortunate and set additional milestones for the company. We generated the most revenue the company has ever generated in a quarter at USD 15.1 million. And I'd remind everybody, we report in USD. But the $15.1 million was the largest amount of revenue we've generated in a quarter. It was up 27% year-over-year compared to Q1 of 2025. So a strong number for us and a great accomplishment by the team that continues to work hard on behalf of our customers and shareholders. Our gross profit in terms of aggregate dollars was up 22% to $7.9 million in the quarter. The overall gross profit margin came in at just over 52% which still trends above our long-term view of trying to deliver more than 50% gross profit margin, slightly down year-over-year on a comparative basis from a percent point of view. And that just is normal course for us as the types of devices that we ship within a quarter can swing gross profit margin a little bit, but nothing that from our perspective, that's problematic or indicative of a different trend for the business. Adjusted EBITDA improved by 137% to approximately USD 800,000 in the quarter. It's a great indication for us that we can not only drive revenue growth but simultaneously drive growth in adjusted EBITDA as we continue to make investments in the business and really across the team. In addition to that, our cash flow from operations was up 47% year-over-year, just under USD 5 million. We delivered $4.7 million of positive cash flow. So again, another good indication that our model continues to demonstrate repeatability in both driving revenue growth, delivering gross profit, delivering positive adjusted EBITDA and simultaneously, generating positive cash flow. On a trailing 12-month basis, we've also hit some terrific milestones in the quarter. So looking back over 12 months as of March 31, 2026, revenue topped over $57 million. That's the most revenue we've generated over a trailing 12-month period. It's up 22% on a like-for-like comparison. Gross profit margin similarly, up 21% over a trailing 12-month comparative period. Over that trailing 12 months, gross profit margin was 54%. So very good and strong number for us. Adjusted EBITDA on a trailing 12-month basis $3.8 million. It's up 75% on a comparative basis, and we delivered over $6 million of positive cash flow on that trailing 12-month basis. In terms of aggregate number of Connected Devices shipped on a trailing 12-month basis, over 380,000 intelligent connected devices put into the field and shipped over that 12-month period. That's the most we've ever shipped and then supported utilities to deploy. And I'd just remind everybody, the model continues to validate our path, convince utilities that we are the right partner, get our intelligent connected devices deployed, whether that's the intelligence inside a meter, our new TRUSense Gateway or other line and substation devices that we put into the field. As those devices are sold and generate revenue and cash flow in the near term, those devices then kick off a recurring stream of revenue for us over an extended period of time as long as those devices are in the field. So on a comparative basis. Similarly, our annual recurring revenue hit another all-time high as of March 31 in excess of USD 14 million, continuing to grow on a compounded annual growth rate in the high teens, just under 20% now since 2016. So I'd say the team has executed quite well, really pleased with where we are. And I'd say beyond some of the financial and commercial highlights that we shared in the quarter, 2 incremental data points, Deb, and then I'll pause for questions: One of which as it relates to the TRUSense Gateway, we shared that we now have 70 utilities that have submitted initial orders to deploy that device. We shared some additional commentary during the Investor and Analyst Day, which I'll come back to. The other element of our quarterly call was also appropriately referencing some of the broader global uncertainty that's unfolding and that may influence buying patterns and decisions of utilities. It's in my experience in selling to utilities or trying to deploy technology with utilities dating back now almost 20 years, that when we see fairly disruptive events like we're witnessing today in the Middle East. And those events have a direct impact on inflation and particularly for the utility industry, oil and gas prices. Public power and electric cooperative utilities are run like nonprofits. And so as prices in oil and gas increase, that's a variable cost that they have to absorb in real time and has a cascading impact then on what they do relative to the budget that they've got over whatever 12-month period they operate on, whether it's a calendar year or some fiscal period. So it's not uncommon that we see public power and electric utilities get a little conservative. In terms of new commitments or deployments when there are some both geopolitical and financial turmoil. I'd say where we stand today, and we've seen certainly conversion of new utilities a little bit slower than we normally would in Q1. With that said, we have a substantial number of utilities in contracting and on the cusp of selecting catalysts to move forward with us. So nothing of significance. As of today's call, but caution that we are conscientious of based on experience of selling to electric utilities. I'll take a pause there on financials and broader geopolitical and financial uncertainty, see if there are any questions Deb and then more than happy to dive into some of the information we shared at the Investor Day and the broader users conference in general.

I don't see any questions on the financials. So maybe we can jump right into the USERS conference yesterday.

So we were -- as some may recall, we have an annual users conference that we support. It's a great opportunity for analysts to bring together a wide representation of public power and electric cooperative utilities across our users community. We also invite some prospective utilities to attend that event. In addition to customers or prospective customers, we include industry analysts, we include a variety of partners. And as we've migrated into the public markets, we've also activated a dedicated day for investors and covering analysts to participate. In addition to having a dedicated session for investors and analysts, many of those individuals then actually stay for the duration of the event over 2.5 days with unfiltered and unrestricted access to customers, employees, board members, partners, anyone in attendance. Overall, we had over 300 attendees join us in Las Vegas last week. We had representatives from over 70 utilities. I think the actual number was 75 utilities represented this year, which is terrific. A number of partners, investors and analysts that joined as well. Across the event, I'd say we focused on the launch of our Tru Grid VERIFI analytics tool, which is the latest installment of our analytics capabilities that tie back to accessing data from connected devices and then driving more value out of that data for our customers as well as driving recurring revenue for catalysts. TRUGrid Verify is very unique from our analysis and certainly from the consultants that were in attendance, first of its kind that really validates and cleans data that's captured across the grid. And where that manifests itself is how data from a system like Tantalus feeds into and collaborates with data from other devices and systems to support a GIS system as an example, an outage management system. And embedded within that Verify tool is something new for Tantalus and new for our customers is to help utilities pinpoint which phase they're delivering at various spots across the grid. For those that may not be too familiar, utilities operate on Phase A, Phase B, Phase C. And at the substation level, utilities typically have a pretty good visibility into which phase is coming out of that substation. Where things get a little chaotic for the utilities they don't always know which of those 3 phases is flowing through distribution transformers. And then from distribution transformers down to meters. And so where that kind of cascades for utilities, if they don't have visibility into phasing is in the event they have an outage on Phase A. Their systems, both GIS and outage management extrapolate how many meters may be impacted by that outage based on what those respective systems believe are receiving Phase A as an example in terms of power. And so in many circumstances, the GIS and the outage management system are not aligned well and are inaccurate. So where we come in is not only pinpointing where the outage is from our devices, but then simultaneously helping improve the visibility into which phase is impacted from the outage such that the utility has much more accurate reporting. That dovetails into power quality metrics that lead into cost of capital for utilities and overall reliability scores that utilities have to report. So it's a really important incremental component of our analytics tool. So we're really excited about that. We've got terrific feedback along the way from the users conference. The other element of our new capabilities that we launched is TRUGrid Advantage. TRUGrid Advantage is at the highest level, a managed service offering to support utilities that just do not have the IT capabilities or the staffing to really leverage data analytics and leverage machine learning that leads to AI insights. And from our perspective, no utility can be left behind in today's world for grid modernization. TRUGrid Advantage is an opportunity for us to support any size utility that may be resource-constrained or needs assisted really leveraging the benefit of analytics and for our shareholders, drives recurring revenue in the form of managed services. So excited about those 2 new initiatives that were launched. Incrementally, as it relates to the TRUSense Gateway, I know certainly a substantial focus for our investor community. We disaggregated some of the information with respect to the 70 utilities that have activated orders. The way we disaggregated that information was of the 70 utilities, 49 of those utilities have the TRUSense Gateway in hand and deployed at the utility, meaning 21 of the 70 utilities are still waiting for their first delivery of devices. It's our view that all 70 utilities will have TRUSense Gateway available for deployment in -- by the end of Q2, June 30. Of the roughly 23,000 orders -- of the orders for 23,000 TRUSense Gateways. We've shipped roughly 3,500 of those devices. And so have a pretty good runway here to drive incremental revenue over the coming periods just from the initial orders in hand. We got the question as to why aren't all utilities already having this device? And why haven't we shipped all 23,000 as opposed to 3,500. And I'd say I draw to previous comments made as we deploy a very complicated new device, it is critical that we get sufficient validation that the design, that the manufacturing, that the deployment is solid, the worst-case scenario for Tantalus, for our customers and our shareholders is if some of those devices misbehaved or didn't operate the way they expected to. That not only puts us in the penalty box with a utility, but also becomes expensive if we have to try to think about modifications to design or modification to manufacturing processes. So we've taken, I think, are prudent. I think the comment in the Investor Day was conservative, but we've taken a prudent approach to making sure that we get enough devices deployed across all 3 versions, fiber, Ethernet, cellular that becomes statistically relevant to increase our confidence that this device is ready for prime time and mass production. And so we continue to work towards that with great success. I appreciate there is a sequencing that unfolds here as investors track our progress. But from my perspective, and again, our team's experience of launching new complex connected devices, we are following our playbook and fortunately not identifying or having any disruptions to date. In terms of deployments themselves of the 70 utilities, 28 of those organizations have now migrated beyond pilot and are activating what is full deployment for those utilities. Keep in mind, the size of deployments varies significantly from hundreds of devices to tens of thousands of devices depending on the size of the utility and use cases. 42 of the 70 utilities are continuing to execute on pilots. The hit rate of utilities that complete pilots and then migrate to full deployments is in the high 90th percentile for us, which is a great barometer, meaning of the roughly 31 utilities that have completed pilots, 28 of them have migrated to full deployments. The few that have not are all tied to funding where they're going to access funding for the deployments themselves. Not one pilot has been terminated at this point, 15 months into this process. So continue to see very strong support performance and indications from the TRUSense Gateway, and we're certainly we're excited to provide that update to all of the covering analysts in the room and a number of the investors that were able to allocate time and travel out for the day. I'll take a pause there and see if we have questions.

I don't see any audience questions, but I have a couple. So you recently released your fourth annual utility of the future survey. What surprised you most in this year's results? And how closely did the findings align with what you're hearing directly from customers?

Yes. The survey itself continues to gain momentum and not only provides great insight to us in terms of priorities and concerns that utilities have. But it really specializes on public power and electric cooperative market segments embedded in that is also what's called municipal utilities. Most utility surveys canvas IOUs, investor-owned utilities, the biggest of the big. And so that can warp where activities and priorities sit. So as we continue to proliferate the annual survey and gain traction, I think it's a terrific way for Tantalus in and of itself to distinguish ourselves as really a market leader within the market segment that we pursue, public power, municipal and electric cooperative utilities today. Over 100 utilities responded. I think the number was actually 109 utilities that provided us feedback to the survey, which grows each year. And I'd say that I don't know if anything necessarily caught us by surprise. It validated a lot of our views. The one thing that I think was flagged this year compared to prior years was an increasing amount -- an increasing number of utilities that express concerned over financial uncertainty. It gets to oil and gas prices, it gets to uncertainty around which way interest rates are going to move in the United States relative to increasing inflationary pressure. And I imagine all investors are attuned to what's unfolding here in the United States with a migration to a new Fed Chair and concern about the independence of that chair relative to the current administration in the White House. So I think when interest rate uncertainty kind of raises its head in addition to some inflationary pressure, it certainly got flagged as a concern by utilities. It was the top concern. I think it's a near-term focus and a near-term concern for utilities just given some of the lack of predictability or visibility that we see here in the U.S. In terms of -- the other element of the survey looks at utilities preparation towards grid modernization. -- relative to how far along they are. It's kind of a way to summarize this priority versus how prepared are they. And we continue to see a reinforcement that utilities prioritize grid data management and analyzing that data yet are woefully unprepared for it. I mean they don't have the tools, the systems, the resources. And as we think about a data-driven approach towards our solutions, that priority reinforces the direction we're taking. This is all about the data. The devices are a means to an end, but create the moat and create the barriers to entry and the access to that data. So critical. But then how do utilities actually leverage that data. And so as we think about TRUGrid Verify and TRUGrid Advantage being launched at TUC this year, great demonstration of how we are aligning our R&D and our investments to not only meet the priority utilities have leveraging grid data but simultaneously filling a void with the lack of preparation utilities have today. So I think that the survey was a further validation for us. And certainly, unintended on this one, doubling down on the investments that we're making as it relates to a data-driven grid modernization effort.

The survey certainly highlights the gap between urgency and readiness. Or what do you think is causing that gap? Is it funding?

I think in some circumstances, it's funding. Certainly, that count them up on fewer than 5 fingers at this point of utilities that have piloted the TRUSense Gateway. Funding is the barometer there for those handful of utilities. I think utilities, I use this reference quite a bit. They're very deliberate. Utilities are risk averse. They tend to evaluate and reevaluate the adoption of new technology. And I'd say utilities are -- they're going through a paradigm shift today. But when we look at the continued trends around data centers, we saw this firsthand at the Users Conference. We were fortunate a member of our user community shared. Their system is in the process of finalizing or their communities in the process of finalizing agreements to have a data center come into their community. It's in the central portion of the United States in a rural area. It takes -- if it all materializes as expected, -- the utility system goes from 200 megawatts to 4 gigawatts. It's a 20x increase in power that the utility needs to support the distribution grid, where do they prioritize? How do they anticipate the impact of seeing that type of load on their system. How do they prepare for the jobs and the influx of people around that data center that's driving property values today in that community. So I think when utilities are plotting it out, on the one hand, it's a great macro driver for Tantalus. It becomes an immediate case study for us. How do we help a utility prepare for a 20x increase in the amount of power they deliver in a rural environment. But for that utility, I mean they got limited dollars. So how do they prioritize where to put those dollars. And that leads to being very deliberate in decision-making. They cannot afford to get it wrong. A little bit different than IOUs. So you can get it wrong and potentially get some relief from regulators on modifications to rate case. Our market segment doesn't have that. And so I think it's just the nature of the beast with utilities. And as you think about the traditional model of rip and replace assets, purchase device on a CapEx budget, depreciate that device over decades, wait for it to fail and replace it again. And that is no longer viable. And there's no shortage of data points that reinforce that. We track GE for Nova as an example. Taking orders for transformers today for delivery in 2028. Our rip and replace strategy is no longer viable, and that is a paradigm shift. And so how do you make that shift? It's all about maximizing the value of data. And I'd say that's where utilities really need to improve their areas of expertise and their area of focus. And I think it's just a deliberate approach to get there. But we're right in the thick of it. And I think the survey commentary from the users conference and certainly, the adoption rate that we're seeing at the TRUSense Gateway and the win rate of pilot to deployment regardless of the size of that deployment is validation that we're in the right place at the right time.

Beyond the Analyst and Investor Day at the conference, were there any common themes or discussions that stood out to you from this year's event?

The Tantalus Buck Survey that we run in real time at the event for those not familiar, we've now for years, activated broadly defined Voice of the Customer program at the conference. Every utility and attendance, so 75 gets a big amount of Tantalus box, $1 million, obviously not hard dollars, but they get to allocate those dollars towards a set of priorities, a set of ideas that we have within our road map. And for us, it's a great way to make sure as we're thinking about further investment in R&D and thinking about the priorities of our road map because we can't do everything at once. It ensures that what we're building aligns to what our customer base is seeking. And I'd say the -- a couple of the themes that came out there, I'm conscious of not necessarily educating competitors in a public dynamic like this. But I'd say the feedback we got from that survey, it certainly ties to helping utilities pinpoint the most vulnerable areas of the distribution grid. Based on valid clean analyzed data. So that's one. The second is we continue to see now for the third year in a row, a request from our utilities, our customers for additional services. And I think that ties to the wave of retirements that are going across the utility industry. It's a real problem. I mean, it is a massive percent of engineers in North America -- in the North American utility industry are within 5 years of retirement. It's like 50% of staff in the engineering departments. There is no way utilities can replace that. So that means either trying to extend people beyond expected retirement or when they're entitled to retire and access to pensions. or look to vendors like Tantalus for additional services. So that was another key theme for us. And TRUGrid Advantage is our first toes in the water approach towards a managed service offering. I don't think this is metering as a service. I think the cash register, the meter itself always should be owned by the utility. I think that's just a better business model for the utility. But I think there are a number of incremental services that we can support or deliver over time to drive managed services and recurring revenue based on the existing infrastructure that we've already put in field. So I'd say those 2 things, Deb, we're loud and clear to me. The third one that had me right between the eyes is the impact data center has on utility and I'd say while one of the utilities presented and shared that information, there were several other utilities that referenced they're very close to data centers already have data centers in their footprint, and it is multiples of load growth and capacity constraints that they're trying to deal with in real time. So I think that just creates a massive amount of opportunity for Tantalus and companies like us.

Interesting. Thanks, Pete. A couple of more questions. I don't see any audience questions. So I guess its just me today. So you referenced having 70 utilities having placed orders for TRUsense. As utilities move beyond the initial deployments, what are you learning about how customers are standing: Usage over time, what use cases are becoming more prevalent, et cetera.

Yes. We broke out, I'd say there's 3 primary use cases, one of those divides in 2. The 3 categories of use cases tied to first the communications networking to support any grid modernization effort. So to drill that down of our customer base today, when we deploy edge intelligence inside meters, and we'll just refer to that as smart metering for simplicity. The communications network that goes with the edge intelligence and the smart meters is an area of focus. And so for us, our competitors, the traditional approach is to leverage a cellular network or leverage radio frequencies, RF technology, typically 900 megahertz here in North America. The cellular TRUSense Gateway is both an edge intelligent device gathering data, and we've talked about all the things that the TRUSense Gateway does. But it's also a collector, meaning it can read and collect data from up to 250 surrounding devices. And so we're seeing, certainly, within our existing customer base use case one is migrating legacy communications networking, some of which even ties back to what's called 200 megahertz or 220 megahertz RF capabilities, very long range back in the day. very effective in rural communities where there was no cellular coverage, but constrained from a bandwidth point of view. It's a very narrow band. And so a cellular coverage becomes more prolific LTE, 5G, we're seeing a number of utilities, long-standing customers of Tantalus upgrade their communications networking as step one with the TRUSense Gateway. Meaning use the gateway as a collector, migrate from an RF system to an IP-enabled cellular network. It allows for just a massive upgrade in terms of sending and receiving data. So that's use case one. And on a ratio basis, we shared at that ratio depending on public power in muni versus co-op, it really ties to how many meters per square mile per square kilometer. But on average, about one TRUSense Gateway to about every 150 meters deployed in the field is the ratio, and that's the scale that we're seeing within utilities as we help analysts think about modeling the business. And investors modeling the business. The second use case ties to power quality. And within that, we're focused on 2 areas for the TRUSense Gateway. One is sort of feeder management, some big power lines, circuits down to feeders. How do we put a TRUSense Gateway to track its 12 different parameters, those 12 different parameters actually translate into like 50 different data points around voltage, current and then from their harmonics and waveform capture. And so we're seeing a good bit of progress, especially that's where I think we'll have a path into investor-owned utilities, is helping them pinpoint which feeders, which circuits are most vulnerable or have the most problems in terms of power quality. And on that ratio, for every feeder, 9 TRUSense Gateways, deployed. That's what we're seeing validated. So you can look at a utility, define how many feeders or circuits they have, multiply that by 9 and that gives us a use case there of deployed devices. Within power quality, we also are gaining, I think, continuing to gain traction with transformer monitoring focused on distribution transformers. The ratio there is back to meters. It's about 1 TRUSense Gateway every 8 to 10 homes depending on type of utility to track a transformer. And then so to around power quality, the third category of use case is behind the meter. I think that's the one that will take the longest to validate just because demand management is still gaining traction. Depending on different regions of the U.S. and Canada. It's not the highest priority for utilities today, but one that I think becomes increasingly important as data centers surface. And so back to that utility that's very close to securing their first data center, a 20x increase in load management, there's not enough generation within a matter of time, they are going to have to control load behind the meter at the residential level. That's where the behind-the-meter strategy comes into play for us. It will take them a few years to get there if that data center surfaces. But if the data center surfaces, they have to activate load management. To deal with the variability on the grid. So I think all 3 are moving forward, and we're building some great use cases and demonstrations of that technology.

One last question from me, if anyone else has any questions, feel free to submit them. So you -- maybe you can talk a little bit about your land expand and broaden approach and maybe provide an example of how customer relationships evolve over time?

Yes. So another element that we shared during the Investor Day is how does Tantalus drive durable demand for our solutions, it such a key component in evaluating can we sustain a certain growth rate given the deliberate nature of utilities. And so our Chief Revenue Officer, Mike Julien walked investors and analysts through our model of how do we go about landing a new utility winning a new logo, building our user community. And on average, we had 20 new utilities a year, 4 in Q1 of this year already. Then once we have that utility and we deploy whatever the first effort is smart metering tends to be where most utilities start. How do we expand within those accounts? And how does our sales organization and our R&D investments build new capabilities that meet the needs of our customer base. That's where the Tantalus Bucks comes into play. That's where the utility of the future survey results come into play to really help us sharpen our focus on R&D and product road map. And then the third area to drive demand is how do we broaden the addressable market. And that's either regionally how do we go into new areas? How do we potentially access new customer segment like the investor-owned utilities, IOUs, how do we bring new technology into the industry like the TRUSense Gateway? All of which then positions us to go out and win more accounts, land within those accounts expand. So it's a circular model that we continue to demonstrate in a couple of stats that we shared. On average, we add 20 new utilities a year. Those 20 new utilities tend to represent somewhere between 150,000 to 200,000 meters. So we consistently are adding more devices that we can deploy in the field. The sales organization was sort of broken out by region, and then we shared a map of our channel partners. And the breadth of those channel partners to make sure we're accessing as many new utilities as possible. On the expand side, we shared that, on average, 85% of revenue generated in a calendar year comes from our existing customer base. And in some portion of our revenue is from those land accounts, meaning get them signed, I'd say, get selected get them under contract start deployment to drive revenue in a 12-month period. Our budget calendar year. But 85% of revenue on average comes from that existing customer base every year. As we think about broadening -- well, actually, before I go there, within our existing customer base, we shared that we have roughly 50,000 meters and connected devices not yet deployed within that existing customer base. Mike did some math on that. It represents roughly $140 million to $150 million of revenue potential for Tantalus over a 13- to 15-year period of time. So we've got a big bucket of dollars to chase after to continue to drive expansion within our existing customer base. As we think about broaden, we shared a few initiatives, one of which was certainly the TRUSense Gateway and the progress we've made at the 70 initial utilities. We shared that we are making an active investment today to pursue utilities up in Canada really for the first time in our company's history, curious that we're Canadian headquartered and based out of British Columbia, but have really focused historically on the U.S. market. We see some interesting opportunities unfolding in Ontario and some of the eastern provinces of Canada. Certainly, we're monitoring what's happening in British Columbia given our proximity to BC Hydro's headquarters from our headquarters. But we're starting to think about Canada and actually putting dollars behind it, a combination of hiring our first regional sales manager getting a consultant involved that can help us and then activating a combination of PR and branding. I'd say, incremental to that, adding Susanna Zager and Christie Honey is examples to our Board of Directors, to very influential women and utility executives up in Canada now at our Board. Sorry, take Canada, regional focus, the TRUSense Gateway application and device focused. And then as we start to zeroing out some of these use cases, can we get after a handful of IOUs that really expand our addressable market. So land, new wins, expand, drive revenue, broaden new regions, new technology, new customers to pursue new market segment, I'd say, to pursue to really increase addressable market opportunity. It continues to validate itself by adding new utilities every year and driving revenue growth Q1 27% year-over-year.

Great. Well, I think I've taken up enough of your time, Pete. Thanks for the update and for providing an overview of some of the sessions at TUC. I think that's helpful for the wider investor network. If anyone has any follow-up questions, feel free to e-mail me, and I'll get those answered. If anyone wants a one-on-one, same thing. And yes, I appreciate your time, Pete, and the Intel. I think that's very informative. Was there anything you wanted to discuss today that we didn't touch on?

Other than debt, thanks for facilitating the webinar and the continued support from you and the team at Adelaide. But I thank everyone for allocating some additional time to get the update. We'll look forward to continuing that trend and providing updates as we get through Q2.

Right. Well, thank you, everyone. Thanks to the audience for your participation. Bye now.

Bye.